Today (February 19) there is a lot of coverage of a CNBC reporter Rick Santelli on a trading floor in Chicago emotionally describing what a bad plan President Obama has for bailing out those who have stopped paying for their subprime mortgages. As he is talking there is a spontaneous outburst of applause and support for his comments from the traders on the floor. As Santelli continues to criticize Obama's economic policies and compare them to Cuba's his CNBC colleagues are amazed by the positive response he is getting from the people on the floor. Finally, Santelli recommends that capitalists hold a new Boston Tea Party at Lake Michigan in Chicago this July in protest over what is happening.
During the time I lived in Chicago I visited the trading floors of a number of financial exchanges. I must admit I never viewed them as hotbeds of revolution. However, Mr. Santelli has hit a nerve (I wonder how long he keeps his job at CNBC?) and apparently he is expressing the thoughts of a lot of people. When Obama signed the "Stimulus" bill in Denver there were a many protesters outside dressed as pigs to protest the pork in the bill. When he spoke the next day at a high school in Arizona a number of students voiced their disapproval of his policies.
Who knows maybe we can all go to Chicago on July 4th and dump our 1040s into Lake Michigan?
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